Central banks extend credit lines

Top central banks are extending their arrangements to swap dollars and other currencies to make sure banks have the money they need.

The decision extends a crisis measure that was to expire on February 1, 2013. Now it will be extended for another year.

Taking part are the US Federal Reserve, the European Central Bank, the Bank of England, the Swiss National Bank and the Bank of Canada. The Bank of Japan is to consider the measure at its next meeting.

The idea behind making each other’s currencies available is so banks can get whatever currency they need to meet their obligations.

The measure helps stabilise a financial system dealing with the fallout of five years of turmoil, a debt crisis in Europe and slowing growth in emerging markets.

More in this Section

Coronavirus: Global oil demand to fall first time in a decadeCoronavirus: Global oil demand to fall first time in a decade

Four Star Pizza raises dough for UK expansionFour Star Pizza raises dough for UK expansion

Five Guys records €1.1m lossesFive Guys records €1.1m losses

More weedkiller lawsuits but this time it’s not RoundupMore weedkiller lawsuits but this time it’s not Roundup


Lifestyle

Des O'Sullivan takes a look at Bill Wyman's Rolling Stones memorabiliaRolling Stones memorabilia going under the hammer

All ages can suffer from spots across their back but thankfully, there are many things we can do about them, says Jennifer RockThe Skin Nerd: back to basics to treat the pesky plague of ‘bacne’

Roz Crowley tests eight coffees ahead of Fairtrade FortnightEight of the best fairtrade coffees to try

Steel Panther give metal fans the chance to let their hair down and laugh at themselves, and the Cork audience is in party mood.Live review: Steel Panther at Cyprus Avenue

More From The Irish Examiner